Rules and Regulations for the Implementation of the Triennial Updates and Revaluations to Commence in the Year 2000

Regulation Authority:

R.I.G.L. 44-5-11.6

Purpose and Reason:

The rules and regulations are designed to provide cities and towns with a blueprint to follow so as to update property tax values which reflect fair market value as of the date of assessment and which, therefore, taxes its citizens in a fair and equitable manner. The Department of Administration adopted these rules because they provide a solid foundation of generally accepted procedures and methodologies for cities and towns to follow when performing property valuation updates and revaluations. This helps ensure that the resulting property values are accurate, timely and legally defendable. More frequent property revaluations provide a framework for a property tax system that maintains tax equity between and among various types of real estate, as well as avoids “sticker shock”; dramatic value changes, that was prevalent under the old 10-year property revaluation schedule. Although the rules and regulations have been distributed to the 39 cities and towns, they have not previously been filed.